Quanta Services, Inc. (PWR) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Quanta Services, Inc. (NYSE:PWR) from a buy rating to a hold rating in a report published on Tuesday.
According to Zacks, “Over the past one year, shares of Quanta Services have outperformed that of the industry. Quanta Services remains confident about the prospects of its end markets over the next two years. The company believes CAPEX and OPEX spends will continue to rise as customers are contemplating undertaking work worth billions of dollars. Its communications infrastructure services business is also expected to benefit from present industry trends. However, on the flip side, lack of a commissioner quorum in Federal Energy Regulatory Commission (“FERC”) has put up a lot of major projects on hold, adding to Quanta Services’ woes. Also, project losses and delays, pose as threats. In addition, seasonality and the cancellation of pipeline projects in the oil and gas business are likely to impact the company’s backlog.”
Several other research analysts have also commented on the stock. Seaport Global Securities reiterated a buy rating and set a $45.00 price objective (up previously from $41.00) on shares of Quanta Services in a research note on Wednesday, October 11th. ValuEngine lowered shares of Quanta Services from a buy rating to a hold rating in a research note on Tuesday, October 10th. Robert W. Baird reiterated a hold rating and set a $39.00 price objective on shares of Quanta Services in a research note on Friday, October 6th. Stifel Nicolaus reiterated a buy rating and set a $45.00 price objective on shares of Quanta Services in a research note on Thursday, September 7th. Finally, BidaskClub lowered shares of Quanta Services from a hold rating to a sell rating in a research note on Friday, August 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $42.40.
Shares of Quanta Services (PWR) traded up 0.147% during midday trading on Tuesday, hitting $37.505. 359,144 shares of the company traded hands. Quanta Services has a 52 week low of $27.29 and a 52 week high of $38.82. The stock has a market capitalization of $5.82 billion, a P/E ratio of 21.322 and a beta of 0.83. The company has a 50-day moving average price of $36.70 and a 200-day moving average price of $34.46.
Quanta Services (NYSE:PWR) last posted its quarterly earnings data on Thursday, August 3rd. The construction company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.03). The firm had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.13 billion. Quanta Services had a return on equity of 8.36% and a net margin of 3.21%. The company’s revenue was up 22.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.18 EPS. Analysts anticipate that Quanta Services will post $2.03 earnings per share for the current fiscal year.
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In other news, Director John Michal Conaway sold 4,000 shares of the stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $35.79, for a total value of $143,160.00. Following the sale, the director now owns 17,152 shares in the company, valued at $613,870.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Randall C. Wisenbaker sold 9,000 shares of the stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $35.15, for a total transaction of $316,350.00. Following the completion of the sale, the executive vice president now owns 34,797 shares in the company, valued at approximately $1,223,114.55. The disclosure for this sale can be found here. Insiders have sold a total of 17,000 shares of company stock worth $597,550 in the last 90 days. 0.70% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in PWR. UBS Asset Management Americas Inc. increased its stake in shares of Quanta Services by 0.9% in the first quarter. UBS Asset Management Americas Inc. now owns 111,775 shares of the construction company’s stock worth $4,148,000 after acquiring an additional 945 shares during the period. Ameritas Investment Partners Inc. acquired a new stake in shares of Quanta Services in the first quarter worth $134,000. United Services Automobile Association increased its stake in shares of Quanta Services by 3.1% in the first quarter. United Services Automobile Association now owns 46,885 shares of the construction company’s stock worth $1,740,000 after acquiring an additional 1,392 shares during the period. Teachers Advisors LLC increased its stake in shares of Quanta Services by 7.1% in the first quarter. Teachers Advisors LLC now owns 587,452 shares of the construction company’s stock worth $21,800,000 after acquiring an additional 39,111 shares during the period. Finally, Thrivent Financial For Lutherans acquired a new stake in shares of Quanta Services in the first quarter worth $206,000. Hedge funds and other institutional investors own 88.48% of the company’s stock.
About Quanta Services
Quanta Services, Inc is a provider of specialty contracting services, offering infrastructure solutions primarily to the electric power and oil and gas industries in the United States, Canada and Australia and selected other international markets. The Company operates through two segments: Electric Power Infrastructure Services, which provides network solutions to customers in the electric power industry, and Oil and Gas Infrastructure Services, which provides network solutions to customers involved in the development and transportation of natural gas, oil and other pipeline products.
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